Reynolds Law:
The government decides to try to increase the middle class by
subsidizing things that middle class people have: If middle-class people
go to college and own homes, then surely if more people go to college
and own homes, we’ll have more middle-class people. But homeownership
and college aren’t causes of middle-class status, they’re markers for
possessing the kinds of traits — self-discipline, the ability to defer
gratification, etc. — that let you enter, and stay, in the middle class.
Subsidizing the markers doesn’t produce the traits; if anything, it
undermines them.
See also here.
Thursday, December 1, 2011
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